Political Quotes

“this is a managers' amendment by which we try to make a lot of technical changes. There are some issue changes that have come to the attention of the Subcommittee on Courts after the markup of the bill by the Judiciary Committee. The issues which are included in this amendment are related directly to concerns in bankruptcy that should be addressed in this bill. We have included a number of changes which are in response to the letter which the Department of Justice sent to the committee. This letter was a review of S. 540, as well as their suggestions as to form and substance of some of the provisions in the bill. First, in response to the Department of Justice concern, the effect of S. 540 regarding curing mortgage arrearage under section 1322 of the code, we offered the suggested changes by adding specific language to the amendment in section 301 of S. 540 to ensure that there is finality to the time period in which a debtor may cure residential mortgage arrearage under chapter 13 plans. Without this language, the present provision could have a detrimental effect on residential mortgage markets in over 17 States. To ensure maximum price at sale for the debtor and to give the purchaser of foreclosed property, as well as the mortgage holder, some sense of finality, we have amended section 301 to include the words 'prior to the consummation of a foreclosure sale' after the word 'judgment' in paragraph C.”